Notice of Branch Closure (Cooperative Credit Associations) Regulations

Marginal note:Notice to Commissioner

• 4 (1) The notice must be given to the Commissioner in writing no later than

  • (a) four months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in

    • (i) an urban area, or

    • (ii) a rural area where there is a retail deposit-taking branch within a travelling distance of 10 km from the branch; or

  • (b) six months before the date proposed for the closure of the branch or the cessation of the activity, if the branch is in a rural area where there is no retail deposit-taking branch within a travelling distance of 10 km from the branch.

• Marginal note:Information to be included

  (2) The notice must include the following information:

  • (a) the location of the branch;

  • (b) the date proposed for the closure of the branch or the cessation of the activity;

  • (c) alternative sites where, after that date, customers of the branch may obtain services similar to the financial services that are provided at the branch, or a telephone number that customers may call to be informed of those sites;

  • (d) the measures, if any, that the member association is taking to maintain any financial services that are available in the area that is served by the branch, to the extent that that information is available; and

  • (e) how the member association may be contacted in respect of the proposed closure of the branch or cessation of the activity.